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Mastercard and Eko-Pay collaborate digitizing payment in Asia Pacific

Tinuku ~ Mastercard announced its partnership with Eko-Pay technology company as a new digital payment solution for business players in the Asia Pacific region. The Eko-B2B platform is a collaboration based on growing opportunities and the need to help digitize business to business (B2B) transactions.

Mastercard says many business actors today, regardless of the size of their business, are always in touch with a network of suppliers spread across countries. It is built if they not only want to survive but also thrive in the global market.

Global consulting firm McKinsey reported growth in commercial payments in Asia Pacific that 90 percent of B2B payments still use the traditional way. Opportunities to build digitized payment systems in this region are enormous.

The expansion of seller and producer networks across markets, cross-border growth and the number of whirlwind small entrepreneurs are the main reasons to drive the growth of digitizing B2B payments.

"Through our partnership with Eko-Pay we launched a fully automated payment solution," said Nagesh Devata, Mastercard's Senior Vice President of Acceptance and Merchant Development Asia Pacific, Thursday, May 13, 2017.

"Users will enjoy increased efficiency and cost savings in real-time using digital payment solutions, we want to solve the key problems experienced by the B2B company," Devata said.

The Eko-B2B solution is claimed to bring greater transparency and efficiency to all parties involved in the B2B payment process. Web portals by vendors and suppliers will enable access at any time to the current payment details as well as the history of the previous payment details.

This platform contacts Mastercard or Eko-Pay in a dashboard that tracks key business performance statistics. It also reduces the need for manual payment systems and the complexities that accompany and minimize operational inefficiency.

"The entire platform is designed with the ease to enable rapid adoption through local and international business networks, providing better payment acceptance solutions," said Jean-Pierre Gagnon, Eko-Pay Chief Executive Officer.

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